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A warning from Standard & Poor's that the agency might lower its rating on US government debt sent stocks on their steepest slide in a month Monday. S&P said there is a 33% chance it would lower the country's credit rating from AAA in the next two years if Washington fails to pare the country's debts. The Dow fell 140.24 points, or 1.1%, to close at 12,201.59. The S&P 500 fell 14.54, or 1.1%, to 1,305.14. The Nasdaq composite fell 29.27, also 1.1%, to 2,735.38. (StarBiz)

Celcom in RM168m deal to push fibre-optic usage

Celcom Axiata will invest RM168m to enable faster transmission of data through its base stations. Celcom had struck a deal with Sarawak’s Sacofa for a 10-year fiberisation leasing agreement which will see all of Celcom’s node-b and base stations in Sarawak use fibre optics. This will provide trunk capacity throughout the state as well as provide cross-ocean submarine capacity. The infrastructure is set for completion within two years’ time. (Malaysian Reserve)

Indonesian tin miner to list on Bursa Malaysia

Malaysia Smelting Corp (MSC) is proposing to list its Indonesian unit TMR Ltd, involved in tin mining, on Bursa Malaysia's Ace Market. According to its draft prospectus, MSC will emerge as a substantial shareholder in the Bermuda-incorporated TMR, with a 14.23% stake. TMR's business is mainly in offshore exploration and mining as well as support activities for the production of tin in the Bangka Belitung Islands, Indonesia. The initial public offering will involve 90m shares of USD0.20 each, of which 10m will be for the pink form offer, 60m for placement offer and 20m for the retail offer. The IPO price has yet to be determined. (StarBiz)

Three foreign firms pump in RM500m in biotech push

Malaysia has secured three foreign investors who have pumped in some RM500m to set up their manufacturing facilities as part of the country’s push for a regional biotechnology hub. Bio-XCell SB, which develops the Bio-XCell park within Iskandar Malaysia, has signed up India’s Biocon, France’s METabolic Explorer and US-based Glycos Biotechnologies as key tenants. The three investors will occupy more than 100 acres. Bio-XCell park’s first phase is said to cost as much as RM950m to develop. With RM500m in the form of foreign investment and RM250m debt, the remaining RM200m will be funded by shareholders’ equity. (FinancialDaily)

Vehicle sales at all-time month high

Total vehicle sales surged to an all-time month high of 12.7% to 63,265 units in March 2011 from 56,139 units a year earlier due to a rush for deliveries and invoicing by companies that have their financial year ending in March. YTD March 2011 sales volume increased by 7.5% y-o-y, up from 4.3% as at YTD February 2011. (StarBiz)

28 April decision on EON Capital legal tussle

The long-drawn legal tussle involving directors and shareholders of EON Capital and its single largest shareholder Primus Pacific Partners may see some light soon, with a court decision expected on 28 April. Yesterday was the last day for counsels from both sides to present their oral submissions before the decision is made. The decision on the case, well into its tenth month, will be delivered at the Penang High Court (StarBiz)

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